In order for the uptrend to remain intact, price would need to hold above the $83 level as support. However, because the moving averages on the ichimoku are really spread apart, it tells me price needs to snap back to equilibrium before a continuation of the uptrend.
I think it's likely that price move back to the $75 range before a continuation of an upside move.
Wow! Could this be the right shoulders forming on OIL?
The remaining imbalance is being filled and we are creeping up into the main supply, if we see rejections, we could have a bearish move all the way down into the equal lows.
Traders, if you have your own opinion about this idea, write in the comments section, I always reply.
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Trading...
WTI oil continues to march higher and we continue to maintain a bullish outlook on oil. Our view is supported by a combination of bullish technical and fundamental factors. Currently, we will observe whether USOIL will manage to break above the major resistance at 85.39 USD which will further bolster the bullish case for WTI oil. We would like to set a new...
We can see the formation of a head and shoulders pattern on oil. We expect the decline, targeting the level of 70 as the first target and 55 as the second target. 53 The third target, the stop loss will be at the level 92, For a safe entry, wait for the trend line to break, the entry area when the price formed the double top
This is an update to a pattern on WTI that I've been working on since August:
As you see, the price did eventually rebound and right now is consolidating within the 1D MA200 (orange trend-line) being the Support and the 1D MA100 (green trend-line) being the Resistance....
WTI Oil is down more than -20% since the October High. The fundamentals over the new Omicron COVID variant have undoubtedly accelerated this but technically this is a much needed correction following the big rally of August - October.
My last update on WTI was the following, where I pointed out the upcoming rejection on the 1D MA50 (blue trend-line):
...
Thinking we are going to 1st test $86-$88 B4 a sub wave 4 starts and then completes around $78. After that sub wave 4 should end and sub wave 5 should start of the greater wave 5 which ends over $100 plus mid 2022
formed a head and shoulder pattern in 1 hr time frame
good resistance in head and shoulder area
expecting it to fall towards the first target
trendline also supporting the fall towards the target
happy trading
Not financial advice.
The essence of investing & trading is the intelligent and patient preying on the greed, fear, impatience, addiction and ignorance of the majority. It's definitionally Darwinian.
WTI oil rose over 20% since its low at 61.46 USD on 2nd December 2021. We previously noted that weakness in the general stock market posed a threat for further rise of the price of USOIL in the short-term. However, since then the general stock market seems to stabilize. Because of that we regained our bullish view; additionally, we would like to set a short-term...
Well I've been tracking and trading the pattern you see on this chart for over a month and the very last formations have played out particularly well:
Right now WTI is ahead of the first important test of this uptrend, the 1D MA50 (blue trend-line) which is currently...
USDCAD has reached a 1 year high @1.2965. Breaking through the 1.2960 resistance could lead USDCAD to push towards 1.3020.
Canada Core Retail Sales came out under expectations (1.3% vs 1.6%), reinforcing with fundamentals the technical analysis.
Omicron is now the dominant COVID strain in US, with new cases soaring in Canada as well. Tighter measures have been...
